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How do veto votes work on QuipuSwap?

Written by Martin J. Maddox
Updated 4 months ago

LP holders on QuipuSwap can not only vote for specific bakers if they so desire, but they may also use their LPs to veto a specific baker (i.e. ban him from being a baker in a pool for a time).

Generally shareholders band together to veto a baker if they believe him to be unreliable or if he is overstaked. 

Only a third of staked shares in the Governance section of the pool are required to veto a delegate.

Example:  The whole token pool has 100 shares, 90 shares don't participate in the Governance, 10 shares participate.  4 from these 10 shares will be enough to veto a candidate.

The vetoed candidate is banned for 3 months and cannot receive votes during this period. When a can is banned the runner-up candidate becomes the delegate. 

After staking shares to veto someone successfully, users can withdraw their votes or restake them for other bakers.

A user can only cast a veto vote against the current delegate. If a delegate is changed, the total vetos are reset and the locked tokens can be withdrawn by users.

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